The watchdog tasked with overseeing the government’s bailout of Wall Street said Geithner’s Treasury Department was lax in enforcing rules intended to curb executive pay at firms rescued by taxpayers.

The report by Christy Romero, the special inspector general for the government’s $700 billion Troubled Asset Relief Program, lacked much bite as it hit yesterday — after Geithner had stepped down as Treasury secretary on Friday.

Romero’s report said officials at Ally Financial, GM and AIG were among the worst offenders when it came to generous pay.

“These are companies owned by taxpayers, and it’s taxpayers who are funding them,” Romero said.